Income Tax Bulletin June 2026
Judicial Updates
- Shifting expenses from rented to own premises is a revenue expenditure as its capitalization serves no purpose.
- Unsigned penalty notice is akin to ‘body without soul’. Defect cannot be cured by DIN.
- Purchaser’s future use cannot determine land nature at sale date for invoking capital gains taxation.
- Date for determining holding period shall be date of final & binding allotment not provisional allotment.
- Deletes Sec. 201(1A) demand, No FTS sans transfer of technical know-how to Assessee. No demand to be raised u/s 201(1A).